Kuwait Bank to adopt Cross-Border Payments via Ripple

The Kuwait Finance House (KFH) has been turned into the Arab nation’s first bank to join RippleNet, a blockchain network for international remittance payments
30 May 2018   2029

The Kuwaiti bank declared its intension to join RippleNet, a SWIFT-replacement blockchain network that sees over 100 financial institutions including banks, payment providers, remittance operators and other financial establishments use the product for real-time clearing and settlement of international transactions.

KFH stated that with this move, KFH can supply instant and secure cross-border money transfers within few seconds, with end-to-end visibility over the journey of the payment. Details of the suggestion are presently scarce and it stays to be seen if the bank uses Ripple’s xCurrent, an enterprise blockchain software that allows settlements in fiat or xRapid, a product which uses Ripple’s token XRP for real-time liquidity for international proceedings.

As the bank claims it will demand the approval of the Central Bank of Kuwait (CBK) prior to the run of the Ripple service, KFH convinces that the clients will gain profits  from faster payments in increased efficiency, security and transparency of the transaction at markedly lower costs than traditional solutions.

The defacto central bank of Saudi Arabia, the Saudi Arabian Monetary Authority (SAMA), has also cooperated with Ripple to pilot Ripple’s xCurrent among a number of regional banks. The SAMA is also the first central bank in the world to join RippleNet.

US Crypto Companies to Support TON in Case With SEC

The Blockchain Association said Telegram taken sufficient measures to ensure that the Gram token offer met SEC requirements
23 January 2020   446

The Blockchain Association, which combines companies such as Coinbase, Circle, 0x and Ripple, issued an expert opinion as part of the ongoing proceedings of the US Securities and Exchange Commission (SEC) with Telegram.

Previously, the Digital Commerce Chamber launched a similar initiative. The blockchain association, however, was more straightforward and stated that Telegram had taken sufficient measures to ensure that the Gram token offer met SEC requirements. According to members of the organization, the actions of the SEC can damage not only Telegram, but the market as a whole.

The Court should not block a long-planned, highly anticipated product launch by interfering with a contract between sophisticated private parties. Doing so would needlessly harm the investors that securities laws were designed to protect.

 

The Blockchain Association

The Blockchain Association notes that for many years it has not been possible for SEC to obtain clear and unambiguous guidance for conducting activities in the cryptocurrency space, while the claims of the regulator make the current situation even more ambiguous. 

The SEC’s lawsuit also raises novel questions regarding whether companies are forbidden from raising funds from sophisticated U.S. investors, under well-established regulatory provisions, to build blockchain networks.

 

The Blockchain Association

They cite examples of startups TurnKey Jet and Pocketful of Quarters, in respect of which the regulator recommended not to apply legal measures, adding that such litigations inevitably involve high costs and do not guarantee industry participants that they will not be prosecuted in the future.

Telegram discussed its plans with SEC staff for a year and a half, provided copious information and responded to limited feedback by adjusting the design of its transaction. Yet, at the end, the SEC has sued, and the SEC’s briefs thus far say nothing about the substance of those discussions. 

 

The Blockchain Association

In conclusion, the group asks the court to “reject the SEC’s arguments that the not-yet-in-existence Grams were securities at the time of the Purchase Agreements.”